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What is NFT ?

17 December 2021

NFT (Non-Fungible Token) is a permanent asset ensured by the blockchain. The transaction history and data related to the NFT are published on the blockchain and cannot be changed once the verification is complete. Therefore, the owner can be sure that he has a unique item and can prove his right of possession. This makes NFTs useful in a number of industries.

NFT can restrict unauthorized copying and fraud in the arts and creative industries.

NTF also provides a way to prove the authenticity and ownership of valuable memorabilia for collectors or sports fans.

NTF is used in licensing agreements in connection with intellectual property. Using blockchain to store contracts can help ensure that all users are aware of the ownership and restrictions on the use of these assets.

In the real estate world, NFT can be the digital symbol of property on the blockchain network. This can provide some advantages in terms of security and ease of access.

One of the most popular early NFT projects is CryptoKitties from Dapper Labs. This is a game where players can collect, breed, and sell virtual cat characters. Each cat from CryptoKitties is not interchangeable, it is unique, has a different age, color, breed. The cat token itself cannot be divided into smaller parts. At one point Crypto Kitties became so popular that their users overloaded the Ethereum network they were based on. 


How does NFT work?

In most cases, NFTs are based on the Ethereum blockchain. Most of the Non-Fungible Tokens are issued using the ERC-721 standard. It allows you to track the authenticity of an asset and see the history of its ownership. The supply of NFTs is strictly limited, so there can be tokens of different rarity levels.

The difference between non-fungible tokens and cryptocurrencies is their indivisibility. That means you can send 0.05 ETH, but you can’t share 5% of NFT. You can transfer a  Non-Fungible Token only as a whole. 


How do I buy NFT?


You can buy NFT tokens on Binance with BNB, BUSD, or Ether. There are also marketplaces like OpenSea and Rarible. Most of the sales take place in the auction format. You can replenish the exchange deposit in four ways.

Transfer cryptocurrency from your wallet.

Send other cryptocurrency or fiat money to an exchange deposit and exchange it later for NFTs that you need to buy on the spot market.

Buy digital coins with fiat using your credit card or exchange.

Buy from the P2P section of Binance.

After the purchase, the cryptocurrency is transferred to the wallet, which interacts with the NFT trading platforms. Binance Chain Wallet and MetaMask are considered good enough for browser extensions. Then go to the website of the marketplace and connect your wallet. Use Trust Wallet for smartphones. It supports multiple blockchains and is available for iOS and Android. Consider transaction fees, so keep extra cryptocurrency in your wallet in reserve. 


NFT in popular projects and crypto collections

Decentraland is a decentralized virtual reality platform that consists of 90,601 land parcels. The platform is a metaverse where users can create, use and monetize content. Decentraland virtual real estate is an NFT that can be bought in MANA cryptocurrency based on the Ethereum blockchain. 

Alchemy Toys is a project, powered by Binance Smart Chain, that uses blockchain technology. The application allows users to create unique TOY NFTs and “melt” them into more valuable ones. Each TOY can be used in the future for direct rewards and value accumulation. All tokens have an internal guarantee of a future payout since as soon as 127 tokens are collected, most of the treasury will be paid to the first winning player in base currency (BNB).

Gods Unchained is a blockchain-based tactical card game where each card is validated by a smart contract. Players create decks to fight, they have full ownership of their digital items. Which then can be traded or sold.

CryptoPunks are 10,000 digital portraits of 24x24 pixels, each weighing 8 bits. Most of the elements are created by the character generator. Each lot is NFT, tokens of the ERC-721 standard, considered the first, working on the Ethereum blockchain.

My Crypto Heroes is a strategic battle built on the Ethereum blockchain. You can play with historical heroes, go in search of rare items and fight other players for awards and glory. 

Crypto Stamps are special stamps issued by the Austrian Post that operate on the Ethereum blockchain and have a unique secret code. They can be used as regular postage stamps for mailing goods, as well as virtual collectables.


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